Open House MUST READ Guide for Buyers

It is Open House Season

The following information is the forth in a series of Buyer Tips to provide tips for both the first-time home buyer and the most experienced home buyer. The goal is to help the consumer to become better educated about purchasing real estate in Colorado Springs and the surrounding area. This article includes tip #10.

For a FREE Buyer's Guide, Email KTorline@msn.com

Many Colorado Springs Realtors hold open houses; and do so on many weekends during the spring, summer, and fall time. It can be a great way for a Realtor to get additional exposure for their sellers and it can also provide a way for Realtors to meet other potential buyers and sellers.

Also, many potential home buyers like to visit open houses. It's a great way for them to get educated about the marketplace and to see a wide variety of homes in different neighborhoods. It helps them to see what is for sale.

When a buyer visits an open house; it's important for them to understand who the Realtor is representing. (See my previous article about Who is Representing You?) Many people visiting an open house; don't realize the Realtor at the open house may ONLY be representing the Seller.

In Colorado, potential clients can be represented 3 different ways, as a Buyers Agent, as a Seller Agent, and as a Transaction Broker. (See my previous article on Buyer Representation.) As a potential home buyer visits an open house, they often have all types of questions for the agent hosting the house:

• Is the house priced too high? (You can imagine how a Realtor's answer may change depending on whether they represent the seller or potential buyers.)
• Why has the house been on the market so long? (again the Realtor's answer may change depending on their representation.)
• Will the seller come down on the price? Why is the seller moving? Is the seller motivated?

It's important for the general public to know who the Realtor is representing when they see an open house. Many times the Realtor is representing the seller of the property. Although just as many times, the open house may be hosted by a Realtor who is not representing the seller. Also, in Colorado, a Realtor may represent both the buyer and the seller in a transaction, they are then called a Transaction Broker; they don't advise of consult, they just facilitate the transaction, they don't advocate for either party.

The original article was posted at: Open House tips

Next time you visit an open house; ask the Realtor who they represent.

Remember, knowledge is power!

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Remember, Knowledge is Power

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Selling HOMES in El Paso & Douglas County; including Colorado Springs, Monument, Fountain, Larkspur, Pueblo, Castle Rock, Manitou Springs, Woodland Park, Palmer Lake